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That's because over half the investment portfolios of both Ping An and China Life are in bonds and other fixed-income assets, while only 10% is in equities.
FORBES: China's Insurers On The Upswing
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China Life, Ping An and China Pacific, the first-, second- and fourth-largest life insurers in China, respectively, are already publicly traded, and Taiking Life, number five, is expected to have an initial public offering within the next 12 months.
FORBES: Life Insurance In China
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It holds a similar stake in life insurer Ping An.
FORBES: Better Safe Than Sorry
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Ping An, the second-biggest life firm, has a 28% share.
ECONOMIST: This year's biggest initial public offering